FTC calls on federal court to hold 'pharma bro' Martin Shkreli in contempt

FTC calls on federal court to hold 'pharma bro' Martin Shkreli in contempt

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Key Facts

  • Martin Shkreli sentenced to 7 years in prison (2018) 01:04 - Source: CNN Washington CNN — The Federal Trade Commission on Friday called for a federal court to hold “Pharma Bro” Martin Shkreli in contempt after Shkreli allegedly flouted a recent FTC investigation into his business dealings and failed to make a $64.6 million payment he owed for his prior wrongdoings.
  • More recently, he was the subject a 134-page ruling in 2022 by the US District Court for the Southern District of New York that banned him for life from participating in the pharmaceutical industry, as part of a separate FTC antitrust case against him.
  • That legally binding order triggered a new investigation into Shkreli’s activities in October, when public reports indicated he had co-founded a new “Web3 drug discovery software platform” known as Druglike, Inc. When the FTC emailed Shkreli to get documents from him and to schedule an interview about the matter, Shkreli repeatedly missed deadlines and allegedly slow-walked his responses, according to an FTC court filing Friday.
  • As far as his involvement with Druglike, the FTC added: “Shkreli’s noncompliance is also clear and unambiguous: Shkreli has not submitted a supplemental Compliance Report, provided access to relevant documents, or made himself available for an interview.”

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